This time of year, families gather around for the holidays for fun, food, festivities and tradition. Regardless of which holidays you celebrate at this time of the year, each tradition brings together family members of different generations. Breaking bread together, familiar smells throughout the home, telling family stories, laughter and on and on are all part of the Winter holiday scenes.
There are topics that families rarely want to delve into that if approached can alleviate stress, uncertainty and often financial challenges and/or hardships later. If avoided, sometimes it is simply too late to do the things family members may have wanted. It can be extremely beneficial to set aside a small amount of time to have a family meeting to discuss a transition plan for aging family members. For the purposes of this article, let’s focus on discussing a
transition plan that protects real property from one generation to the next.
Here’s 3 tips to a successful family discussion during the holidays:
1. ASK Mom and Dad to make a list of all their real estate holdings. Be sure to understand how each property is titled. Mom and Dad or Grandma and Grandpa may have real estate holdings where no one else is aware how the properties are titled.
2. DISCUSS how the family wants the property or properties titled so that they ultimately avoid probate. It’s important that Mom and Dad express their wishes and understand how their wishes impact the next generation. An estate planning attorney and CPA are invaluable resources and should be consulted before any decisions are made.
3. ACT to achieve the desired result. This can be the most challenging step as it often requires Mom and Dad to look at giving up total control of their estate. Be sensitive to this issue and remember that the goal is to honor Mom and Dad’s wishes in the most cost-effective manner. Mom and Dad may express charitable desires and other wishes for their assets.
This time of year, is a great time to open family discussions about difficult topics that need to be addressed for everyone’s well-being and peace of mind. It is best to prepare, in advance, by speaking with an estate planning attorney and CPA because they will be able to provide valuable legal and tax guidance. Once your family plan is in place regarding real property, bringing in a property profile specialist can be very beneficial and cost-effective. A property profile specialist can evaluate recommendations regarding the titling of property from the estate planning attorney and CPA to help you understand options available to you.
Quick Claim USA and their employees are not attorneys in the State of Nevada or in any other State or Jurisdiction. Quick Claim USA is not licensed to give legal advice and may not accept fees for giving legal advice. Should you have questions regarding any of the above items, you must seek the advice of independent legal/tax counsel of your choosing.